Mahama’s 2026 State of the Nation Address: “Ghana Is Back, Working Again and Open for Business”

Mahama’s 2026 State of the Nation Address

President Declares Economic Recovery, 40% Cedi Appreciation, and Major Fiscal Reforms Ahead of 69th Independence Anniversary, says, “Ghana Is Back, Working Again and Open for Business.”

President John Dramani Mahama has declared that Ghana is on the path of “national renewal and restored hope” as the country prepares to celebrate 69 years of independence on March 6, 2026. Delivering his State of the Nation Address to Parliament, the President said this defining moment is being shaped by “hard choices, institutional resolve, and renewed commitment to stability and national purpose.”

“Building Prosperity, Restoring Hope”

This year’s Independence theme, Building Prosperity, Restoring Hope, according to the President, is not ceremonial but a policy blueprint guiding his administration.

He outlined two major frameworks:

1. Reset in Ghana Agenda

A domestic recovery strategy focused on:

• Restoring economic stability
• Rebuilding public trust
• Strengthening democratic institutions
• Delivering tangible improvements in citizens’ lives

He said the agenda represents a break from years of mismanagement and embraces fiscal discipline, transparency, and sustainable development.

2. The Accra Reset

A continental strategy aimed at:

• Moving Africa from dependence to self-reliance
• Deepening regional integration
• Strengthening African cooperation
• Promoting strategic global leadership

President Mahama emphasized that Ghana’s prosperity is inseparable from Africa’s progress.

Inflation Drops to 3.8%

One of the most significant announcements was the sharp decline in inflation.

• Inflation peaked at 54.1% in December 2022
• Fell to 23.5% by end of 2024
• Declined further to 3.8% by January 2026 after 13 consecutive months of reduction

Food inflation, the main driver of hardship, dropped by 26.6 percentage points.

“These are not just statistics,” the president said. “They represent relief for families and renewed opportunity for businesses.”

Fuel Prices Fall Below GH¢10

The President announced major reductions in fuel prices:

• Petrol dropped from GH¢15.2 to GH¢9.97 per liter.
• Diesel fell from GH¢15.4 to GH¢11.3

He said the reductions have brought relief to over 3.7 million vehicle owners and millions who depend on transport daily.

Cedi Appreciates Over 40%

In a striking claim, President Mahama said:

• The Cedi appreciated by 40.7% against the US dollar
• 39% against the British pound
• 24% against the euro

“We did not arrest the dollar,” he said. “We strengthened the cedi to put up a good fight.”

Economy Surpasses $100 Billion

The President announced that Ghana’s economy has now surpassed the $100 billion mark for the first time, positioning the country among Africa’s top 10 largest economies.

Foreign reserves increased from $8.9 billion in 2024 to $13.8 billion in 2026, covering 5.7 months of imports.

Ghana Gold Board and Reserve Accumulation Policy

A key driver of this turnaround, according to the president, is the establishment of the Ghana Gold Board.

• Recorded gold exports rose from 63.6 tonnes to 103 tonnes
• Smuggling has reportedly reduced
• More foreign exchange is being retained

He also referenced the newly introduced Ghana Accelerated National Reserve Accumulation Policy, which aims to build reserves to cover 15 months of imports by 2028.

Tax Reforms and Economic Relief

The government abolished several taxes introduced between 2017 and 2024, including:

• E-Levy
• Betting tax
• Emission tax
• COVID levy

VAT reforms reduced the effective rate from 31.9% to 20%, raised the VAT threshold to GH¢750,000, and extended zero-rating on textiles.

According to the president, these measures have returned GH¢6 billion to citizens.

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Interest Rates and Employment Gains

• Interest rates declined from around 30% to between 18% and 20%.
• Over 1 million jobs reportedly created between Q1 and Q3 2025
• 950,000 people reportedly exited multidimensional poverty

The current account recorded a surplus of $9.1 billion (8.1% of GDP) by December 2025.

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24-Hour Economy Law Signed

President Mahama confirmed that Parliament passed the 24-Hour Economy Authority Bill on February 6, 2026, and he has since signed it into law.

The initiative aims to:

• Unlock round-the-clock productivity
• Deepen value chains
• Boost exports
• Create quality jobs

He described it as the “boldest economic transformation initiative” of his administration.

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Ghana’s Role in Africa

The president also highlighted Ghana’s role in hosting a continental health sovereignty summit in Accra, calling for African self-reliance in healthcare financing and economic policy.

He stressed that Africa must:

• Unlock youth potential
• Strengthen regional value chains
• Mobilize domestic capital
• Speak with one voice globally